Air space rights.

[nashvillwill]

Well, i know many cities around the globe have airspace rights. I am wondering if it is time for Nashville to adopt something similar.

Basically, if you buy into a new condo tower(or if you own an office building, etc.) you own a certain amount of the airspace(i.e., the view) around your property. Now, if someone proposes a building that infringes on your airspace, they must agree to pay a certain amount to buy the airspace of you and your neighbors.

Think of the L&C/Viridian or the Bristol B'way/new hotel.

Now wouldn't you be upset if you paid 100's of k's for a condo with a beautiful view, which in a matter of months was facing a brick wall of a new building, making your home lose half it's value overnight? Or you own an office building in which a 1/4 of the view is blocked, making that space much less rentable. (not quite the case for the L&C with the elevators, but you get the point)

So this is where airspace property rights come into play.

What do you guys think? Do we need this now, or is it not quite necessary yet?

[donNdonelson]

It is my understanding, from someone who considered a unit at Viridian, that the developers of that tower did purchase the air rights above the church next door to maintain the view to the west to that extent. This may or may not be fact, but what I was told.